Nifty Bounces from lower end of trading range, FII F&O Analysis

As discussed in Weekly Analysis Nifty took support at important level of 5937 which was 38% retracement which gave us good level to do partial profit booking and today our shorts got stopped out and Longs were triggered. Traders following trend changer level also longs got triggered in today’s session at 6040 and already 50+ points profit is in our kitty. Next 3 days will be volatile as expiry is near hence caution is advised.Market has been trading sideways in range of 5930-6229 whole may series, such rangebound moves causes most stoploss triggered for traders who wants to get 300-500 points in one trade, but traders who follow system are saved from such whipsaws.

Nifty Future May Open Interest Volume is at 2.20 cores with liquidation of 21.2 lakh in Open Interest and 24 lakhs got added in June series suggesting longs are getting rollovered in June series.

6100 Nifty CE is having highest OI at 83 lakhs with addition of 4.4 lakhs in OI and remains the wall of resistance ,6000 has been conquered by bears as 14 lakhs got liquidated today .5900-6300 CE liquidated 16 Lakhs in OI.

6000 PE is having OI of 79.4 lakhs with addition of 19.8 lakhs suggesting 6000 will act as support.6100 PE added 20.3 lakhs in OI so tommrow trading session OI addition in 6100 PE should be seen closely. If bulls capture 6100 tomorrow mostly expiry will happen with new highs as per Option data. 5900-6300 PE added 30.8 Lakhs in OI, Bears running for cover.